now there are people who say, jim, you like the stock for so long, but in this environment where they have to cut medicare, it has to hurt them. when i look at what you're doing, i don't see that relationship. >> well, first of all, for the last years while we've pursued a growth of diversification plan, our revenues are 84% private pay, which is very important. and we do own some skilled nursing and some hospitals and our operators pay us rent which doesn't change regardless of the levels of medicare and medicaid reimbursement. but i would add that medicare is going up for the providers, 1% to 2% starting in october of this year. >> okay. now explain how you own 1/3 of the management companies. why would anyone want to only own 1/3? can't they hurt you? >> well, we own 1/3 of one of the country's premiere senior living providers, a private pay business. and we as a reit are really capital providers to the health care and senior living business. and there are limitations on what we can own of the operators. but ultimately, our main business is providing billions of dollars of capital